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  "documentTitle": "Legion One Span Presentation May 2021",
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  "presentationDate": "2021-05-01 00:00:00",
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  "notes": "Uses a bar chart with a red trend line to emphasize the decline in OneSpan's hardware revenue.",
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      "kind": "callout",
      "text": "We believe the Board's lack of overall modern technology experience and poor oversight caused them to miss a huge opportunity",
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      "text": "OSPN Hardware Revenue",
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      "text": "Yubico hardware images",
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      "text": "Yubico, a hardware token authentication firm founded in 2007, has reportedly surpassed $200 million in revenue in 2020 and expects to grow 70% year-over-year in 2021, counting large governments and global banks as customers. Utilizes USB and biometric form factors. Established numerous strategic partnerships with pure play software identity/authentication cybersecurity firms. We believe there is no reason why OneSpan could not have capitalized on the same opportunity",
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      "kind": "paragraph",
      "text": "While Chairman John Fox and Directors Jean Holley and Matthew Moog have watched Hardware decline for years, newer private competitor Yubico has witnessed tremendous success, greatly surpassing OneSpan",
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      "kind": "source-note",
      "text": "Source: SEC Filings, Legion Partners' Estimates, Yubico website, The security startup that sold 1m 2FA dongles to Google, The Hustle (1/7/21)",
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      "text": "Hardware: From First to Worst",
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